Bill > SB2663

This bill appropriates $10,000,000 from the General Revenue Fund to the Illinois Investment and Development Authority (IIDA), to be used for grants and lending activities supporting community development financial institutions (CDFIs) and other eligible entities. The funding is intended to help CDFIs and similar organizations pursue development and economic support initiatives as authorized by the Illinois Investment and Development Authority Act. Specifically, the funds can be used flexibly to provide financial support to eligible entities in ways that align with the IIDA's broader purposes, with the appropriation set to become effective on July 1, 2025. By providing this substantial financial allocation, the bill aims to strengthen community economic development efforts in Illinois by giving the IIDA additional resources to support local financial institutions and community-focused economic programs.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2663&GAID=18&DocTypeID=SB&SessionID=114&GA=104